Granahan Investment Management LLC Sells 121,393 Shares of Tower Semiconductor Ltd. $TSEM

Granahan Investment Management LLC reduced its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 68.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,795 shares of the semiconductor company’s stock after selling 121,393 shares during the quarter. Granahan Investment Management LLC’s holdings in Tower Semiconductor were worth $6,669,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Y.D. More Investments Ltd lifted its position in shares of Tower Semiconductor by 4.6% during the 4th quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock valued at $118,084,000 after acquiring an additional 44,401 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Tower Semiconductor by 0.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after acquiring an additional 25,000 shares during the period. Argent Trust Co acquired a new position in shares of Tower Semiconductor during the 3rd quarter valued at $287,000. Rockingstone Advisors LLC acquired a new position in shares of Tower Semiconductor during the 4th quarter valued at $5,296,000. Finally, GF Fund Management CO. LTD. lifted its position in shares of Tower Semiconductor by 26,835.5% during the 4th quarter. GF Fund Management CO. LTD. now owns 308,412 shares of the semiconductor company’s stock valued at $36,214,000 after acquiring an additional 307,267 shares during the period. 70.51% of the stock is currently owned by institutional investors.

Tower Semiconductor Stock Performance

TSEM opened at $268.53 on Wednesday. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The company’s fifty day moving average price is $237.11 and its two-hundred day moving average price is $168.76. Tower Semiconductor Ltd. has a 1-year low of $38.67 and a 1-year high of $302.86. The company has a market cap of $30.20 billion, a price-to-earnings ratio of 124.90 and a beta of 0.87.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm had revenue of $413.63 million for the quarter, compared to the consensus estimate of $410.72 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. The business’s revenue was up 15.5% on a year-over-year basis. On average, analysts expect that Tower Semiconductor Ltd. will post 2.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Benchmark boosted their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Susquehanna boosted their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Finally, Wedbush boosted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $276.75.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.